Washington, D.C. 20549







PURSUANT TO RULE 13a-16 OR 15d-16


For the month of June 2021

(Commission File No. 001-40408)



Global-E Online Ltd.

(Translation of registrant’s name into English)



Global-E Online Ltd

25 Basel Street,

Petah Tikva 4951038, Israel

(Address of registrant’s principal executive office)



Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):  ☐









99.1    Press release dated June 3, 2021 titled “Global-E Reports First Quarter 2021 Results”




Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.


Global-E Online Ltd.

/s/ Ofer Koren

Name:   Ofer Koren
Title:   Chief Financial Officer

Date: June 3, 2021




Exhibit 99.1

Global-E Reports First Quarter 2021 Results

PETAH-TIKVA, Israel, June 3, 2021 - Global-e Online Ltd. (Nasdaq: GLBE) the company that makes e-commerce Border Agnostic, today reported financial results for the first quarter of 2021 as well as outlook for the second quarter and full year 2021.

“We are excited to announce our first quarterly results as a public company, continuing our rapid growth with Gross Merchandise Value (“GMV”) and revenue growing at 133% and 134% respectively, over the prior year. We continue to capitalize and execute on the direct-to-consumer (“DTC”) cross-border e-commerce revolution, as we delivered outstanding results across the board, supported by continued execution of our strategy.” Said Amir Schlachet, Founder and CEO of Global-e. “Evidenced by our second quarter and full year guidance, Global-e’s momentum remains strong as we continue to scale and rapidly grow our business, supporting merchants in their journey to enhance DTC cross-border e-com sales.”

Q1 2021 Financial Results



GMV in the first quarter of 2021 was $267 million, an increase of 133% year over year



Revenue in the first quarter of 2021 was $46.2 million, an increase of 134% year over year, of which service fees revenue was $17.1 million, an increase of 146% and fulfillment services revenue was $29.1 million, an increase of 128%



Gross margin in the first quarter of 2021 was 33.3%, an increase of 390 basis points from 29.4% in the first quarter of 2020



Net loss in the first quarter of 2021 was ($1.7) million compared to ($1.2) million in the first quarter of 2020



Adjusted EBITDA1 in the first quarter of 2021 improved to $5.2 million compared to ($0.4) million in the first quarter of 2020

Q1 2021 Business Highlights



Outperformance across the business lines



Service fees and fulfilment revenues more than doubling year over year with service fees revenue growing by 146% and its share constitutes 37% of revenues



Continued accelerated growth of US outbound



Continuing the strong penetration to US market on the back of high satisfaction of merchants from the results of their activities on our platform. US outbound revenues up 257% year over year



New launches of strong brands and geographical expansion of existing merchants:



Pace of new merchant launches continues to be strong, including Uniqlo (Fast Retailing) into LATAM and Skims (Kim Kardashian)



Further expansions of existing merchants into new markets, including Marks & Spencer into 47 new markets and Hugo Boss into 12 new markets



Enhancing our platform to increase value creation



Launched an enhanced self-service merchant reporting dashboard, allowing merchants to analyze data according to their specific needs



Developed the capability to support enterprise merchants with a hybrid operational model across tax regions



Expansion of our partnership with Shopify (signed after the closing of the quarter)



On April 12th, we entered into an exclusive Services and Partnership Agreement with Shopify to cooperate in offering our e-commerce cross-border solutions to Shopify merchants

Q2 and Full Year Outlook


     Q2 2021      FY 2021  
     (in millions)  


   $ 273 - $285      $ 1,210 - $1,255  


   $ 46.8 – $48.8      $ 209.0 – $213.5  

Adjusted EBITDA (1)

   $ 2.5 – $3.5      $ 16.2 - $18.2  

Given the uncertainty of the ongoing impact and unprecedented conditions surrounding COVID-19 pandemic on business globally, we will provide investors with updated business trends as they evolve.



Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information regarding this metric

About Global-E Online Ltd.

Global-e’s mission is to make global e-commerce “border-agnostic” – Go global. Be local. We have built the world’s leading platform to enable and accelerate global, direct-to-consumer (“D2C”) cross-border e-commerce. Our platform was purpose-built for international shoppers to buy seamlessly online and for merchants to sell from, and to, anywhere in the world – in short, to “go global.” At the same time, to “be local” reflects the localization of the shopper’s experience and our effort to make international transactions as seamless as domestic ones. We increase the conversion of international traffic into sales by removing much of the complexity associated with international e-commerce. We currently serve hundreds of leading merchants and support cross-border e-commerce into over 200 destination markets. We localize the shoppers’ experience based on the country from which they shop, we support local messaging in over 25 languages, purchases in more than 100 currencies by over 150 payment methods and a multitude of competitively-priced shipping options. Shoppers enjoy a fully-guaranteed landed price quote, which includes shipping costs, import duties and tax charges, as well as post-sale services, including multi-lingual customer service and a managed returns service.

Cautionary Note Regarding Forward Looking Statements

This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding Global-e’s operations, strategy and Global-e’s projected revenue and other future financial and operational results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to retain merchants or the GMV generated by such merchants, the ability to attract new merchants, and potential failures to develop or acquire new functionality or enhance existing platform to meet the needs of current and future merchants. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Global-e’s prospectus filed with the Securities and Exchange Commission (the “SEC”) on May 13, 2021 and other documents filed by Global-e from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Global-e assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Global-e gives no assurance that it will achieve its expectations.

Non-GAAP Financial Measures

To supplement Global-e’s financial information presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, Global-e considers certain financial measures that are not prepared in accordance with GAAP, including Adjusted EBITDA. Global-e defines Adjusted EBITDA as operating profit (loss) adjusted for depreciation and amortization, and stock-based compensation expense. Adjusted EBITDA is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate directly to the performance of the underlying business.

Global-e uses Adjusted EBITDA in conjunction with GAAP measures as part of Global-e’s overall assessment of its performance, including the preparation of Global-e’s annual operating budget and quarterly forecasts, to evaluate the effectiveness of Global-e’s business strategies, and to communicate with Global-e’s board of directors concerning its financial performance. Adjusted EBITDA is a measure used by our management to understand and evaluate our operating performance and trends. Adjusted EBITDA is a key performance measure that Global-e’s management uses to assess its operating performance and the operating leverage in Global-e’s business.

Global-e’s definition of Adjusted EBITDA may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish this metric or similar metrics. Furthermore, this metric has certain limitations in that it does not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Adjusted EBITDA should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined amount we collect from the shopper and the merchant for all components of a given transaction, including products, duties and taxes and shipping.

Investor Contact:

Erica Mannion or Mike Funari

Sapphire Investor Relations, LLC


+1 617-542-6180

Press Contact:

Headline Media

Garrett Krivicich


+1 786-233-7684

Global-E Online Ltd.


(In thousands)


     Period Ended  
     December 31,
    March 31,
     (Audited)     (Unaudited)  



Current assets:


Cash and cash equivalents

   $ 68,637     $ 50,527  

Short-term deposits

     6,457       14,010  

Accounts receivable, net

     3,594       2,638  

Prepaid expenses and other current assets

     23,047       21,023  

Marketable securities

     16,871       18,111  

Funds receivable, including cash in banks

     34,492       24,870  







Total current assets

     153,098       131,179  







Property and equipment, net

     717       769  

Operating lease right-of-use assets

     4,160       3,778  

Long term deposits

     2,223       2,241  

Deferred contract acquisition costs, noncurrent

     729       867  

Other assets, noncurrent

     368       1,318  







Total long-term assets

     8,197       8,973  







Total assets

   $ 161,295     $ 140,152  







Liabilities, Convertible Preferred Shares and Shareholders’ (Deficit) Equity


Current liabilities:


Accounts payable

   $ 19,057     $ 16,194  

Accrued expenses and other current liabilities

     29,432       17,863  

Funds payable to Customers

     34,492       24,870  

Short term operating lease liabilities

     915       889  







Total current liabilities

     83,896       59,816  

Long-term liabilities:


Deferred tax liabilities, net

     105       116  

Warrants liabilities to preferred shares

     5,738       9,985  

Long term operating lease liabilities

     3,513       3,074  







Total liabilities

   $ 93,252     $ 72,991  







Commitments and contingencies


Convertible preferred shares

     112,553       112,553  

Shareholders’ deficit:


Share capital and additional paid-in capital

     8,087       9,307  

Accumulated comprehensive income

     111       (242

Accumulated deficit

     (52,708     (54,457







Total shareholders’ (deficit) equity

     (44,510     (45,392







Total liabilities, convertible preferred shares and shareholders’ (deficit) equity

   $ 161,295     $ 140,152  







Global-E Online Ltd.


(In thousands, except share and per share data)


     Three Months Ended
March 31,
     2020     2021  


   $ 19,689     $ 46,151  

Cost of revenue

     13,907       30,784  







Gross profit

     5,782       15,367  

Operating expenses:


Research and development

     3,215       5,444  

Sales and marketing

     1,851       3,099  

General and administrative

     1,277       2,714  







Total operating expenses

     6,343       11,257  







Operating profit (loss)

     (561     4,110  

Financial expenses, net

     702       5,709  







Loss before income taxes

     (1,263     (1,599

Income taxes

     4       150  







Net loss attributable to ordinary shareholders

   $ (1,267   $ (1,749







Basic and diluted net loss per share attributable to ordinary shareholders

   $ (0.06   $ (0.08







Basic and diluted weighted average ordinary shares

     20,164,708       21,830,024  







Global-E Online Ltd.


(In thousands)


     Three Months Ended
March 31,
     2020     2021  

Operating activities


Net profit (loss)

   $ (1,267   $ (1,749

Adjustments to reconcile net profit (loss) to net cash provided by operating activities:


Depreciation and amortization

     52       62  

Share-based compensation expense

     86       1,067  

Accounts receivable

     351       956  

Prepaid expenses and other assets

     (87     2,129  

Funds receivable

     1,372       (2,067

Long-term receivables

     —         (957

Funds payable to customers

     (7,942     (9,622

Operating lease ROU assets

     (3,451     382  

Deferred contract acquisition costs

     (74     (190

Accounts payable

     (3,550     (2,863

Accrued expenses and other liabilities

     (2,164     (11,569

Deferred tax liabilities

     —         11  

Operating lease liabilities

     3,227       (465

Warrants liabilities to preferred shares

     9       4,247  







Net cash used in operating activities

     (13,438     (20,628







Investing activities


Investment in long-term marketable securities

     —         (1,646

Purchases of short-term investments

     (50     (7,553

Purchases of long-term investments

     (207     (18

Purchases of property and equipment

     (156     (114







Net cash used in investing activities

     (413     (9,331







Financing activities


Proceeds from exercise of share options

     158       153  







Net cash provided by financing activities

     158       153  







Net decrease in cash, cash equivalents, and restricted cash

     (13,693     (29,806

Cash and cash equivalents and restricted cash—beginning of period

     20,369       85,033  







Cash and cash equivalents and restricted cash—end of period

   $ 6,676     $ 55,227  







Global-E Online Ltd.


(In thousands)


     Three Months Ended  
     March 31,  
     2020     2021  

Key performance metrics


Gross Merchandise Value

     114,439         266,555     

Adjusted EBITDA (a)

     (423       5,239     

Revenue by Category


Service fees

     6,955       35     17,096        37

Fulfillment services

     12,734       65     29,055        63













Total revenue

   $ 19,689       100   $ 46,151        100













Revenue by merchant outbound region


United Kingdom

     12,868       65     21,544        46

United States

     3,700       19     13,207        29

European Union

     2,986       15     11,149        24


     135       1     251        1













Total revenue

   $ 19,689       100   $ 46,151        100















See reconciliation to adjusted EBITA table


Global-E Online Ltd.


(In thousands)


     Three Months Ended  
     March 31,  
     2020     2021  

Operating profit (loss)

     (561     4,110  







(1) Stock-based compensation:


Cost of revenue

     2       19  

Research and development

     34       223  

Selling and marketing

     18       221  

General and administrative

     32       604  







Total stock-based compensation

     86       1,067  

(2) Depreciation and amortization

     52       62  







Adjusted EBITDA

     (423     5,239